Largest mobile payments platform Paytm has announced touching a record number of payment transactions led by unprecedented growth in offline payments. Paytm has touched a record five million transactions a day and is on the way to process over Rs. 24,000 crore, more than any other payment network in the country. Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing QR Code-based POS network in the country.
Backed by a large payment ecosystem of customers and merchants, the company registered a 700 percent increase in overall traffic and 1000 percent growth in the amount of money added to the Paytm account over the last couple of days.
During this period, the transaction value continued to be 200 percent of the average ticket size while the number of app downloads went up 300 percent. The number of transactions per user also went up from three transactions to over 18 transactions in a week.
“I am very excited to announce that Indian consumers are now using Paytm in more scenarios than ever before. Owing to the overwhelming response from consumers and merchants alike, we have set bolder targets in merchant acquisition, and are aiming to target 5 million merchants by the end of the financial year,” said Senior VP– Paytm, Kiran Vasireddy.
“This is a historic opportunity for India to skip the plastic generation and leapfrog to mobile payments. We also we urge banks to reduce the charges for adding money to wallets and facilitate this shift in consumer behavior. This will ensure that every Indian merchant, big or small can accept mobile payments,” said Senior Vice President – Paytm, Nitin Misra.
Paytm has partnerships with hundreds of thousands of outlets across various categories, which include Future Group, More, Big Bazaar, Spencers, eZone, Croma, Fortis Health World, Indian Oil, WHSmith, KFC and others. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.